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Next Slide Tobacco While tobacco products, including cigarettes, were 36% of in-store sales dollars, they accounted for only 18.2% of gross-profit dollars

"Tobacco Products Control Act No

Below is the upside case: US doesnt ban menthol Share gains drive NGP revenues at 20% CAGR, to 13b GBP in 2030 55% incremental margins in NGP, creating 36% terminal operating margin (still a little lower than the company average) Flat 51% margins in combustibles with no menthol ban Stock trades at near market-ish multiple of 15x on substantial NGP transition The above are very much possible

The colour is a solid grey which aids in the blending in of the fibres